SpaceX has just made a major Bitcoin movement on the channel for the first time in 3 years. According to data from the Crypto Analytics Arkham platform, SpaceX transferred 1,308 BTC (worth around $ 152 million) to an unknown portfolio earlier during the day.
SpaceX moves the BTC for the first time since 2022
The transaction occurred at 13:09 (UTC + 8) and has been the first since June 2022, when SpaceX sent 3,505 BTC to Coinbase. SpaceX still holds 6,977 BTC, worth around $ 815 million. The unexpected transfer has aroused the curiosity of the community about its impact on the market to find out if it seeks to empty bitcoin.
Since the funds have not yet been affected, it could be a removal of the portfolio for better safety or updated cold storage. SpaceX first entered the Bitcoin space in 2021, when Elon Musk confirmed that he was held BTC, shortly after the investment of $ 1.5 billion from Tesla. Tesla sold 75% of its BTC in 2022 for $ 936 million, retaining approximately $ 184 million. SpaceX noted $ 373 million in Bitcoin between 2021-2022 and may have sold part or all, although the exact details remain blurred.
Arkham had previously pointed out that Tesla and SpaceX held around $ 2 billion in Bitcoin. The two companies bought them at an average price of $ 32,000 and now have an increase of almost $ 1.5 billion on Bitcoin. Tesla has 11,509 BTC, while SpaceX has 8,285 BTC, making two of the biggest Bitcoin companies today.
Although the Tesla BTC holdings have been public since 2021, the SpaceX reserve has only been confirmed recently by monitoring the portfolio. This underlines how large companies can quietly hold crypto and enjoy big things over time.
Whales benefit from benefits while BTC strikes a new summit
Bitcoin whales have recently shaken the market. On July 17, they transferred a huge 61,000 BTC to exchanges, marking the largest entrance of a day in more than a year. This sparked a drop of 4%, lowering Bitcoin from its level from $ 123,000 to around $ 117,000 to $ 118,000.
Cryptoques’ analysts note that in recent days, BTC entries to trade have jumped from nearly $ 17 billion, from $ 28 billion to $ 45 billion between July 14 and 18. The peak in the entries is similar to what we have seen at the heights of the previous market. This suggests that whales may have used the new top of all Bitcoin time to make profits.
However, daily entries are now decreasing and if the trend continues, it could help facilitate the sale of pressure and give the market a certain breathing room.
